New Delhi: ICICI Bank employees are likely to get bonus at the end of March 2010, after a gap of one year, with the country's largest private sector lender showing improvement in its profitability.
"I am still hoping that we should be able to give (bonus
by the end of this fiscal)," ICICI Bank CEO and Managing
Director Chanda Kochhar told a news agency.
ICICI Bank has about 36,000 employees and would increase
the headcount as it opens 580 new branches during the year.
The bank, at the end of 2007-08, paid Rs 43.24 lakh as
bonus to the then CEO and Managing Director K V Kamath, while
Chanda Kochhar got Rs 22.44 lakh.
The bank did not give bonus to its employees and top
managements in 2008-09 as its profit fell by 9.6 per cent for
the first time since its existence.
Since its incorporation in 1994, ICICI Bank's full-year
profit fell to Rs 3,758 crore for the fiscal ended March 31,
2009, compared to Rs 4,158 crore in the previous year.
For the quarter ended September 2009, ICICI Bank reported
a 2.6 per cent jump in net profit at Rs 1,040 crore from Rs
1,014 crore in the same period a year-back.
Consolidated net profit rose 76 per cent in the quarter to
Rs 1,144.57 crore on lower losses in life insurance business
and higher profits in other subsidiaries.
However, the total income of ICICI Bank declined to Rs
14,595.85 crore during the July-September quarter from Rs
15,590.46 crore in the same period a year ago.
The bank's net non-performing assets, as on September 30,
stood at 2.36 per cent compared to 1.91 per cent in the
year-ago period.
The bank expects NPAs to come down further in the
remaining part of the year and has made a lower provisioning
in the second quarter at Rs 1,071 crore, against Rs 1,324
crore in the first quarter.
The bank would also focus on increasing its current
and savings account ratio, which currently stands at 36.9 per
cent compared to 30 per cent in the year-ago period.
The net interest margin of ICICI Bank rose from 2.4 per
cent in the first quarter to 2.5 per cent in the second
quarter. The bank has a capital adequacy ratio of 17.7
per cent.
Bureau Report
First Published: Monday, November 02, 2009, 22:46